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‘Japanese’ & ‘South Korean’ Industrial Cities To Come-up Near Noida

Updated: Feb 26, 2024 05:59:31pm

‘Japanese’ & ‘South Korean’ Industrial Cities To Come-up Near Noida

Noida, Feb 26 (KNN) The Yamuna Expressway Industrial Development Authority (YEIDA) has earmarked two sectors for the establishment of 'Japanese' and 'Korean' industrial cities, intended for electronic manufacturing units from these respective countries.

The proposed 'Japanese City' will be situated in Sector 5A along the Yamuna Expressway, encompassing an area of 395 hectares, while the 'Korean City' will be located on 365 hectares in Sector 4A.

The proximity to the Noida International Airport in Jewar, just 10 kilometres away, is anticipated to enhance connectivity and facilitate the development of these projects.

The decision to establish these industrial cities was made following meetings with investors from Japan and Korea before the UP Global Investors Summit last year. Representatives from Japanese companies visited the industrial sectors adjacent to the expressway, expressing interest in investing after evaluating the location and conducting soil testing.

Furthermore, exemptions in land costs, stamp duties, and other concessions under the state government's FDI policy have facilitated the establishment of these new industrial townships.

Shailendra Bhatia, an Officer on Special Duty at the authority, outlined the land allocation plan, with 70 per cent reserved for core industry, 13 per cent for commercial use, 10 per cent for residential purposes, and 5 per cent for institutional needs such as hospitals and schools.

The remaining 2 per cent will be utilised for additional facilities, ensuring the development of a comprehensive ecosystem to support a thriving economy.

Arun Vir Singh, CEO of the authority, highlighted that the electronic hubs will host companies engaged in manufacturing chips, semiconductors, AI equipment, and cameras.

Moreover, residential units will be provided for staff members from Japan and Korea, ensuring a self-sufficient environment with essential amenities including housing, schools, and hospitals catering to the needs of Japanese and Korean citizens residing there.

The development of the two cities is estimated to cost Rs 2,544 crore. YEIDA has requested an interest-free loan amounting to 50 per cent of the project cost from the state government, which has already provided approximately Rs 3,300 crore in loans to the authority in two instalments.

YEIDA plans to finance its share through profits earned over the next few years, revenue from plot schemes, and loans from banks to complete the land acquisition process.

(KNN Bureau)


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